For physicians seeking a home loan in the Western United States, First Western Trust offers a physician mortgage program with low down payment options, no PMI, and eligibility for certain medical professionals. The program may be a fit for residents, fellows, and attendings who want to buy a primary residence or second home and who meet the lender’s credit and geographic requirements. However, its limited state availability and minimum credit score requirement mean it will not be the right option for every physician.
Before evaluating any lender, physicians should understand how physician mortgages differ from conventional financing. Our guide to physician mortgage loans explains the common structures, eligibility standards, and tradeoffs across the market. If you want to compare your eligibility across multiple physician loan programs, you can request and compare your rates here.
What Is First Western Trust?
First Western Trust is a private bank founded in 2002 to provide banking, lending, trust, and wealth management services to clients throughout the Western United States. The institution focuses on relationship-based banking and performs its underwriting in-house rather than relying on outsourced underwriting teams.
For physicians, First Western offers a dedicated physician mortgage program designed for certain medical professionals purchasing a home in eligible states. The lender emphasizes personalized service and direct client relationships, which may appeal to physicians who prefer working with a boutique institution rather than a large national bank.
Which Physicians Are Eligible For A First Western Physician Loan?
First Western’s physician mortgage program is available to several healthcare professions, including:
- MD (Doctor of Medicine)
- DO (Doctor of Osteopathic Medicine)
- DDS (Doctor of Dental Surgery)
- DMD (Doctor of Dental Medicine)
- DVM (Doctor of Veterinary Medicine)
- CRNA (Certified Registered Nurse Anesthetist)
Residents may qualify before beginning employment. According to the lender’s program guidelines, physicians with future employment contracts can qualify up to 60 days before their start date, which may help physicians relocating for residency, fellowship, or an attending position.
Because physician mortgage programs vary significantly by lender, physicians should also understand how underwriting factors affect approval. Our guide on how credit scores affect physician mortgage approval provides additional context when comparing lenders.
What Are The Down Payment Requirements And Loan Limits?
First Western offers several financing tiers based on loan size.
Current program highlights include:
- 0% down payment for loan amounts up to $850,000
- 5% down payment for loan amounts up to $1,000,000
- 10% down payment for loan amounts up to $1,500,000
These features can help physicians purchase a home without accumulating a large down payment while managing student loan obligations and relocation expenses.
The tradeoff is that financing terms become more restrictive as loan amounts increase. Physicians purchasing higher-priced homes should confirm current loan limits and eligibility requirements directly with the lender before beginning a home search.
How Does First Western Handle PMI And Student Loans?
One of the most physician-friendly features of the program is the absence of private mortgage insurance (PMI). Eligible borrowers can finance within the program’s limits without the additional monthly PMI expense that is often required on conventional loans with smaller down payments.
Student loan treatment may also benefit some physicians. According to the lender’s published program details, student loans deferred for at least 12 months are not included in the borrower’s debt-to-income ratio calculation.
Physicians should understand that debt-to-income calculations are an important underwriting factor across all mortgage programs. The Consumer Financial Protection Bureau explains how lenders evaluate debt obligations and affordability through its resource on mortgage qualification and affordability considerations.
What Credit Score And Property Requirements Apply?
First Western requires a minimum FICO score of 720 for its physician mortgage program.
Eligible property types include:
- Primary residences
- Second homes
The program does not mention investment property eligibility in the source information provided. Physicians considering vacation homes or second residences should verify occupancy requirements with the lender during the application process.
The Federal Housing Finance Agency provides additional information about residential mortgage standards and housing finance oversight through its housing finance resources, which can help borrowers better understand broader mortgage qualification requirements.
Which States Does First Western Serve?
First Western’s physician mortgage program is limited to the following states:
- Arizona
- California
- Colorado
- Montana
- Wyoming
Physicians purchasing property outside these states will need to explore other physician mortgage lenders.
If you are relocating to a new market, it can be helpful to understand how physician lenders vary by geography. Our guide on finding physician mortgage lenders for a new home purchase explains how to identify programs available in your target location.
Is First Western Trust A Good Fit For Your Home Purchase?
First Western may be a strong fit for physicians who meet the lender’s credit requirements, are purchasing within its service area, and value working with a boutique private bank that performs underwriting internally.
The program may be particularly attractive for physicians seeking low-down-payment financing, no PMI, and favorable treatment of qualifying deferred student loans. However, physicians outside the lender’s eligible states or those with credit scores below 720 will likely need to consider alternative physician mortgage options.
Because physician mortgage programs differ substantially in loan limits, down payment requirements, and underwriting treatment of student debt, comparing multiple programs before applying can help ensure you understand all available options.
Key Takeaways
First Western Trust offers a physician mortgage program for eligible medical professionals in Arizona, California, Colorado, Montana, and Wyoming. The program provides financing options ranging from 0% to 10% down depending on loan amount and does not require PMI. Physicians with student loans deferred for at least 12 months may benefit from favorable debt-to-income treatment under the lender’s guidelines. A minimum FICO score of 720 is required, and eligible properties include primary residences and second homes. The program may be a good fit for physicians who value relationship-based banking and meet the lender’s geographic and underwriting requirements. Request your rates here to get started.
Authors
